Tokyo Cement to invest $ 12 m to boost capacity

Friday, 20 November 2020 04:12 - - {{hitsCtrl.values.hits}}

Tokyo Cement Company (Lanka) PLC said yesterday it expected to sign a Supplementary Agreement with the Board of Investment (BOI) to enhance the production of Ordinary Portland Cement and Hydraulic Cement by one million tons per year at the existing location at Cod Bay, China Bay, Trincomalee.

It said based on preliminary estimates, the project would cost approximately $ 12 million and translated at the current exchange rate it works out to Rs. 2.28 billion and will be financed mainly by internally-generated funds and bank borrowings.

The project is expected to be completed in 24 months.

The company said it would not be entitled to any exemptions from Income Tax and Customs Duties on importation of project-related items required for the expansion unit.